how do i become bankrupt?

Question

im 18,000 pound in debt, how do i go bankrupt

Answer 1

Pay my bills as well then you will

Answer 2

I take it this is in the UK as your talking in Pounds.



To Make your self bankrupt you need to apply to you local county court and you will be required to fill in a statement of your affairs (which the CAB can help) and they can be filled in online. This details you Debts, Assetts and reasons for insolvency.

You will need to attend the court where the Judge will make you bankrupt an the the Official Receiver will take over your affairs.



Before you fill the forms in, i would go and speak to the CAB or The CCCS (Credit Consumer Counselling Service) Who are very good. Both are free as well. There is no need to shell out any money other the and Bankruptcy Fee and the Court fees (which can be waved depending on your situation).



You will not necessarily lose your car or your house it depends on you specific circumstances. i.e if you need the car for work (and its not overly expensive) or if your house is in negative equity the Official Receivers interest can be bought out by a third party.

your income and expendature will be assessed to see if u can afford any payments to your creditors (usuall a 36 month agreement)

You may also be required to attend an interview to look over your statement of affairs and reasons for bankruptcy.



Although coming to an arrangement with your creditors sounds like a good idea it barely works out as the payments agreed are often less than the interest and charges being added each month.

The only time this is really effective is wen it is done uder an IVA.



You will only be Bankrupt for 1 Year despite what other people have said. If there is misconduct you may be subject to further restrictions but you will still be discharged after 1 year.



Also only a small ammount of professions/Jobs are affected by a bankrupcty Order



Hope That Helps!



Mike

Answer 3

Go to the Citizen's Advice Bureau They will give you free advice. Bankruptcy may not be the best option for you anyway.



There are disadvantages to going bankrupt, for example:



* it will cost you money (up to £495) to go bankrupt

* if you own your own home, it will usually have to be sold

* some of your possessions might have to be sold, for example, you will usually lose your car and any luxury items you own

* if you own a business, it is more than likely that your business will be closed down and your employees sacked

* you can't keep your bankruptcy private. A list of bankrupt people is published on the internet and your case could also be published in your local newspaper

* even when you are no longer bankrupt, you could have another order, called a bankruptcy restrictions order made against you. These orders can be made if, for example, you took on debts knowing that you had no hope of paying them back. A bankruptcy restrictions order can last for 15 years and will make your financial affairs very restricted

* even when you are no longer bankrupt, there are some debts such as court fines and student loans that will never be written off.

Answer 4

Do you live in the UK if so then that is 30,769.10 US dollars I can not down talk you like a lot of people are doing because it would take along time to pay that off, approx 5yrs if you are paying $600 or 351pounds a month which also you have to include your other monthly bills I would say you are bankrupt now but its up to you to file for bankruptcy I wouldn't but we are 2 different people. Next time try to pay your bills instead of letting it slide because one way or another you are going to have to pay it either on time with no late fees or late with alot of interest and fees anyway Good Luck and Take Care

Answer 5

You or your creditors apply to court to have you declared bankrupt. A trustee is appointed and he takes over all of your financial affairs to pay off as much of your debts as possible. Don't expect to be left with anything. After three years, you are discharged and you can start again, but don't expect anyone to lend you any money. Bankruptcy also puts an end to your job prospects in most professions.

Answer 6

What retains the united kingdom and u . s . a . from going bankrupt is basically the fact that have basically approximately limitless burrowing means as long as they are able to provider the pastime. case in point the united kingdom debt is so intense that any plans of repaying it rather is basically impossible and has to stay as means to provider the debt pastime.the reason now for the panic cuts is to the fact the united kingdom grew to become into on the fringe of no longer been able to pay the pastime. uk has a triple A score on a similar time as poorer international places like Zimbabwe do no longer and as such can extra basically slide into chapter 11.

Answer 7

Why go bankrupt for such a small amount of money ? Pay it off,it may take some time,but the result will be less damaging than going bankrupt! It will be better for your future finances to pay off your debt....the lenders will still want the money you owe !

Answer 8

Going bankrupt is not something to take lightly; you should be aware that although the law may have changed, the prospects for the long term are not promising. You should seek the advice from Citizens Advice Bureau before you make any decisions on this and refer yourself to an Independent Financial Adviser who may be able to offer other options. These options must be explored before running into this blindly.



Disclaimer:

The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please call 0800 085 3250 or go to http://www.unbiased.co.uk.

Answer 9

by the end of the month when the bank actually ask you to pay up and you can't and they aready gave you lot's of warnings but still don't pay up... that's when your bankrupt.



Ether that oryou collect the dept untill U$D 1 million and every bank,Boss, and person's around you can't touch your money .well if your in malaysia wait untill your name is in the bankrupt section of the star news paper... HEHE sorry man but i can't help it .



sorry about your situation .... hope thing's turn out for the better ... in your case just ask bill gates to give you that ammount he 'll probaly list it as charity,.

Answer 10

you're a loser..get a job and pay of your debt ASAP don't let your family or friends worry or look down on you and becoming bankrupt is not a good thing for your future discuss with your creditors to give you more time beg them or whatever just work hard and pay off your debt and in the future spend wisely and also gambling ruins a person life.Don't forget you can seek for family members or friends for help.

Answer 11

Go to a lawyer and file bankruptcy. Ironically, it does cost money to become legally bankrupt.

Answer 12

Come to the United States of America and get a house on a Predatory Loan.

Answer 13

you would need to file bankruptsy. Here in the U.S. you'd schedule a court meeting at a federal building. I'm not sure about the UK, if thats where your from. Beware Bankruptsy will deplete ANY credit of yours.

Answer 14

Find a layer and ask them. There are 2 different types of it and they can tell you wich one is for you.

Answer 15

why would you want to do that? it messes up your credit for i think 7 years. your stupid. just get a job and start paying your debts off

Answer 16

It's better to try to come to an agreement with your creditors and pay it back.

Answer 17

All you do is file for bankruptcy at your nearest bank I think.

Answer 18

you declare yourself bankrupt

Answer 19

untill you stop paying the deposits they will then come and repposese if you do.

Answer 20

buy spending more money then you own

Answer 21

you loose everything all together, get out of your house. give all your money to hobos